The Thai regulators have now approved 13 crypto businesses to legally operate in the country

According to the Royal Decree on the Digital Asset Businesses B.E. 2561 regulates the crypto sector in Thailand, digital asset businesses can be divided into three categories: digital asset exchange, digital asset broker, and digital asset dealer. Because of this clear, regulated manner, Thailand has now approved 13 crypto businesses to operate in the country, including cryptocurrency exchanges, brokers, and dealers.

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Thailand regulators have now approved 13 crypto businesses to operate in the country

Up to now, the Thai Securities and Exchange Commission (SEC) has approved six cryptocurrency exchanges, including Bitkub, BX, Satang Pro, Huobi Thailand, ERX, and Zipmex. The latest approved exchange is ERX.

The Royal Decree also distinguishes between cryptocurrencies and digital tokens. Cryptocurrencies are created to become a medium of exchange for the purchase of goods, services, or other rights. Meanwhile, a digital token is created to specify the right of a person to participate in an investment in any project or business or to acquire specific goods, services, or other rights under an agreement between the issuer and the holder.

All six licensed digital asset exchanges are approved for both cryptocurrencies and digital tokens, except ERX, which is only approved for the next time. BX, also known as Bitcoin Co. Ltd., suspended trading on September 30 last year and is currently in the process of returning licenses.

Three digital asset brokers – Coins TH, Bitazza, and Kulap – have been approved. However, Kulap is not working yet. The only licensed cryptocurrency dealer in the country is TH Coins.

Thailand is regulating ICOs through licensed ICO portals

The Royal Decree defines the ICO portal as a provider of an electronic system for facilitating the offering of newly issued digital tokens. Its duties include performing in-depth the characteristics of the token to be provided and the level of the publisher and ensuring the completeness and accuracy of the information contained in the statement. Registration, prospectus, or any other information is disclosed through the portal.

Four ICO ports – Longroot, T-box, SE Digital, and Bitherb – have been licensed. Bitherb, a joint venture between Japanese cryptocurrency exchange Bitpoint Japan and Asia Herb Association Bangkok Co. Ltd., is the only non-functional ICO portal.

Crypto exchanges, brokers, agents, and ICO gateways are all considered financial institutions, according to the Thai Anti-Money Laundering Act. The Minister will approve those who intend to run a digital asset business of Finance by SEC recommendations.

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